FTSE 100 Live: Stocks to rise as oil falls back after Trump’s Iran war pledge
Welcome back to the City AM liveblog. Donald Trump has said the US has engaged in “productive discussions” with Iran and would refrain from attacking the country before the midterm elections, bringing relief to the oil market. It’s taken the price of Brent crude back slightly, though it has remained around $103 per barrel after [...]
The FTSE 100 is set to rise as oil prices fall following Donald Trump's pledge not to attack Iran ahead of the midterm elections. This news has brought relief to the oil market, which saw a surge in Brent crude prices by up to 5.7% on Thursday after Iran increased attacks on tankers in the Strait of Hormuz. Despite this initial increase, the price has since stabilized around $103 per barrel.
The relief in the oil market has also had an impact on the bond market, with gilt yields climbing again. This has put added pressure on the government's borrowing costs and the fiscal headroom available to the Treasury. In other news, businesses may face a flood of "trivial" compensation claims over concerns about GDPR compliance.
The revenue of EY, the global giant in the Big Four accounting firms, has reached $57 billion, driven by increased demand for AI-related services. The Financial Conduct Authority (FCA) is also considering a 90-day redemption rule for illiquid funds to curb mass withdrawals. Finally, former Chancellor Sajid Javid has suggested that governments must play a role in controlling inflation, alongside other measures.
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